MTN set for NSE listing

The Securities and Exchange Commission (SEC) has confirmed MTN Nigeria’s application for listing on the Nigerian Stock Exchange (NSE).

SEC’s Head, Corporate Communications, Mrs. Efe Ebelo, who confirmed this yesterday, said that the company’s application was presently receiving attention.

She said: “SEC can confirm that we are in receipt of an application from MTN requesting for registration of their existing securities.

“They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange.”

The Exchange Acting Executive Commissioner, Corporate Services, Henry Rowlands, had earlier told the reporters in Lagos that the commission was committed to work with MTN Nigeria.

He said: “SEC is committed to work with them, when they list by way of introduction naturally it will translate to public offering by and large.

“It’s better that they come to the market even if it’s by way of introduction because it will encourage other service providers to access the market.”

The telecoms company recently changed its status from a private company to a Public Liability Company (PLC) ahead of its listing on the exchange.

The conversion is one of the requirements for listing on the Exchange.

Read also: Emir Sanusi Lamido named into MTN Group board

The company had previously announced that it looked to list on the NSE before July, unveiling plans to enter the market by way of listing by introduction.

Speaking on the conversion, Fredi Moolman, MTN Chief Executive Officer, said the listing was part of its commitment to localisation in the Nigerian.

Moolman: “Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019.

“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them.

“We look forward to continuing our engagement with the SEC and NSE to take forward the listing process.”

Listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the company by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.